Every 10-Q that Advanced Flower Capital Inc. (AFCG) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow AFCG and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AFCG filings page.
Advanced Flower Capital Inc. elected to operate as a business development company on January 1, 2026 and adopted investment company accounting, carrying its loan portfolio at fair value under ASC 946. At June 30, 2026, total assets were $399.7 million, including $289.8 million of first-lien senior loans and $106.5 million of cash and cash equivalents. Investments were concentrated in cannabis-related borrowers at 68.5% of fair value, with the balance in insurance, commercial services and leisure products.
For the quarter, net investment income was $3.5 million and total net increase in net assets from operations was $5.4 million, compared with a net loss of $13.2 million a year earlier. For the first half of 2026, net investment income was $8.3 million and net unrealized gains were $8.5 million, producing a $16.8 million increase in net assets. Net asset value was $187.3 million, or $8.25 per share.
Borrowings rose to a $110.0 million drawn revolver, $20.0 million on an unsecured affiliate credit facility, and $76.6 million of senior notes. Loans on nonaccrual status represented 22.7% of debt investments at fair value. The company repurchased $2.8 million of common stock at a significant discount to NAV and declared cash distributions of $0.10 per share year-to-date.
Advanced Flower Capital Inc. reported stronger results for the three months ended March 31, 2026 and completed a major structural shift into a business development company. Net investment income was $4.8 million, and total net assets rose to $185.8 million, or $7.90 per share.
The company now carries its loan portfolio at fair value under investment company accounting, showing investments of $279.2 million against total assets of $394.9 million. The portfolio is concentrated in first lien senior term loans, with about 72% of fair value in cannabis-related borrowers and the rest in insurance and commercial services.
Leverage increased as borrowings on the revolving credit facility grew to $106.0 million and a new $20.0 million unsecured affiliate credit line was drawn, alongside $77.0 million of senior notes. Despite higher debt, net investment income per share reached $0.21, and a cash distribution of $0.05 per share was declared for common shareholders.
Advanced Flower Capital Inc. (AFCG) reported Q3 2025 results marked by higher credit costs and a swing to losses. Interest income was $8.16 million for the quarter, with a net loss of $12.49 million (vs. income a year ago). Year‑to‑date, the company recorded a net loss of $21.59 million.
The CECL reserve rose to $51.17 million as of September 30, 2025 (from $30.42 million at December 31, 2024), reflecting credit deterioration, including three nonaccrual loans with amortized cost of about $104.2 million. A loan held at fair value tied to Private Company A remained on nonaccrual with $50.98 million outstanding principal and $16.92 million fair value, driving $11.45 million of unrealized losses year‑to‑date.
Liquidity declined as cash was $45.12 million (vs. $103.61 million at year‑end). Debt included $22.0 million outstanding on the revolver and $89.06 million net in 2027 senior notes. The revolver maturity was extended to April 29, 2028 with an increased rate floor. AFCG expanded its investment mandate beyond cannabis to ancillary and other industries, and on November 6, 2025 shareholders approved a new investment advisory agreement necessary for the planned REIT‑to‑BDC conversion.
Advanced Flower Capital Inc. (AFCG) reported a continuing operations net loss of $(13,164,651) for the three months ended June 30, 2025, compared with net income of $15,206,224 in the prior-year quarter. Interest income declined to $8.06 million from $17.98 million and net interest income fell to $6.20 million. Total assets decreased to $290.59 million from $402.06 million and cash fell to $3.41 million from $103.61 million at year-end. The Company recorded a CECL reserve of $43.96 million (about 14.61% of loans) and holds a fair-value senior loan to Private Company A with an approximate $21.47 million unrealized loss. Revolver borrowings were $10.4 million and $90.0 million principal of 2027 senior notes remain outstanding. The Board approved an expansion of the investment strategy, subject to shareholder approval.